Elliott Wave

Trend is bullish in GBP/USD currency pair in 15 minutes time frame. Short term support is present at 1.2403 price level. Based on Elliott wave analysis, I expect price action to drop to print a corrective Wave iv leg.

A good idea is to wait for a bearish pull back in price action and then look for a buy trade in GBP/USD currency pair. However; if price breaks below 1.2403 support level then up trend is going to end. In such case, I would prefer to stay out of the market and re-analyze the price action in GBP/USD 15 minutes chart.

Trend is bearish in 4 hours time frame. Vital resistance area is present at 1.3420 price level. Price action has showed some signs of a sideways pattern which looks like a Double Zig Zag Elliott Wave pattern at Wave 4 location.

To me; it looks like a clear sell trading chance to join the down trend and ride bearish Impulse Wave 5. However; in case price rise above 1.3420 strong key resistance level then down trend is going to end. In such case, I would prefer to stop myself from trading and re-analyze price action in USD/CAD currency pair.

Trend is bullish in NZD/USD currency pair, four hour time frame. As I have suggested past week during my daily Live trading room session, market is falling down to complete a bearish Elliott wave y leg and traders should look for a sell trade. So, all those Forex traders who have followed my Elliott wave analysis have made the right decision as the price action has descended. Strong key support level is present at 0.6892 price level.

Be sure to check out daily Forex market updates via Live Trading Room. In my opinion, price action in NZD/USD currency pair is most probably going to drop more towards 0.6945 price area to print a bearish wave y leg which is going to complete Double Zig Zag Wave 2 leg. So, a good idea is to go long at or around 0.6945 market level to ride and trade the upcoming bullish Impulse wave 3 Elliott wave pattern.

However; if price action of NZD/USD currency pair closes a bearish candlestick below 0.6892, key support level then bullish Elliott wave count will become in-valid. In this case, I would prefer to stop trading the NZD/USD currency pair and re-look at the four hour chart.

Trend is bullish in four hours chart. Critical support is present at 118.22 price level. Currently; the price of EUR/JPY currency pair has fallen and printed bearish Wave c leg. Bearish Elliott Wave c also completed X Wave. A good suggestion is to buy at market to ride and trade bullish Wave Y leg.

However; if market closes a bearish candlestick below 118.22 important support area then bullish trend will end. In such case, I will stop myself from trading and re-analyze the price chart of EUR/JPY currency pair.

Trend is bearish in four hours chart. Important resistance is present at 0.8735 price level. Price is most likely going to drop more towards 0.8555 price level to print bearish Wave a leg which is part of a second bearish Zig Zag Elliott Wave Pattern. In my opinion, Double Zig Zag is probably going to appear now on price chart.

A trading idea is to take a sell trade at wave b termination point and join the down trend to ride Bearish Wave Y leg. However; if price breaks above 0.8735 vital resistance level then down trend is going to end. In such a market scenario, it would be best not to trade the market and re-analyze the EUR/GBP 4 hours time frame.

Trend is bullish in EUR/USD currency pair, 15 minutes time frame. Short term support area is present around 1.0685 level.

Based on Elliott wave analysis, price is moving sideways to print Wave 4 pattern. Wave 4 is going to be a Flat or Triangle pattern. So, expect price action to waste time and then expect a bullish break out in wave 5.

A good idea is to wait for a bullish break out and then take a buy trade to ride and trade bullish motive wave 5 leg. However; if market drops below 1.0685 support level then up trend is going to end. In this case, I would prefer to stay out of the market and re-analyze the price action.

Trend is bearish in AUD/USD currency pair, four hour time frame. As I have suggested past week during my daily Live trading room session, market is falling down on a medium term basis to complete a bearish Elliott wave c leg and traders should look for a sell trade. So, all those Forex traders who have followed my Elliott wave analysis have made the right decision as the price action has descended. Strong key resistance level is present at 0.7632 price level.

Be sure to check out daily Forex market updates via Live Trading Room. In my opinion, price action in AUD/USD currency pair is most probably going to drop more towards 0.7485 price area to print a bearish wave c leg which is going to complete wave Y of a Double Zig Zag. So, a good idea is to go short at market to ride and trade the bearish wave Y Double Zig Zag Elliott wave pattern.

However; if price action of AUD/USD currency pair closes a bullish candlestick above 0.7632 important resistance level then bearish Elliott wave count will become in-valid. In this case, I would prefer to stop trading the AUD/USD currency pair and re-look at the four hour chart.

Trend is bearish in four hours time frame. Critical resistance level is present at 1.2478 price area. As forecasted, price action resumed the down trend after printing a Bearish Running Triangle pattern. In last few trading hours, market is trying to move up.

To me; it looks like a a brilliant thought to wait for a bullish Wave X pull back and then take a sell trade to ride upcoming Bearish Wave Y leg. However; a bullish break out in price action above 1.2478 key resistance level will end the down trend. In such market scenario I might like to quit trading GBP/USD currency pair and redo 4 hours chart analysis.

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